New GGR Video Posted for Subscribers

HOUSTON -- Vultures (Got Gold Report Subscribers) please log in to the Got Gold Report subscriber site and navigate to the Got Gold Report Latest Video Section to view a new special video GGR uploaded today, Monday, May 20, 2013. We pay particular attention this time to the Legacy COT reports for both gold and silver, the same reports we have tracked and followed for many years. Seldom have we ever seen so convincing a set of signals as we are being sent by the COT today.

Please view our relevant disclosures located on the web site for Got Gold Report.

USGI Gold Brief

Gold Market

Frank Holme's U.S. Global Investors team writes:  For the week, spot gold closed at $1,359.55, down $88.65 per ounce, or 6.12 percent. Gold stocks, as measured by the NYSE Arca Gold Miners Index, fell 11.4 percent. The U.S. Trade-Weighted Dollar Index gained 1.27 percent for the week.

Strengths

click to enlarge

• The chart above shows the price action of key commodities since 2007 plotted on the back of the Reuters’ Continuous Commodity Index (CCI). In the chart, the four commodities and the commodity index are equalized to 100 on April 2011, the time when the commodity index peaked. In comparison, gold’s performance is remarkable in relation to the other commodities following the April 2011 peak. Not only has gold outperformed, it is the only commodity that is close to its April 2011 value. Comparatively, the commodity index has lost roughly 23 percent, while copper declined by 30 percent. As such, despite the negative publicity gold has drawn in 2013, it appears it continues to be king among commodities when it comes to storing value.

By the Numbers for the Week Ending May 17

This week’s closing table is just below.  

If the image is too small click on it for a larger version.  

Vultures, (Got Gold Report Subscribers) please note that updates to our linked technical charts, including our comments about the COT reports and the week’s technical changes, should be completed by the usual time on Sunday (by 18:00 ET).      

Gold and Silver Disaggregated COT Report (DCOT) for May 17

Edit 1:  Adds charts and brief commentary. 

This week also shows the Commercial category in the Legacy COT report.

HOUSTON -- This week’s Commodity Futures Trading Commission (CFTC) disaggregated commitments of traders (DCOT) report was released at 15:30 ET Friday. Our recap of the changes in weekly positioning by the disaggregated trader classes, as compiled by the CFTC, is just below.  This week we are also adding in the net positioning of traders the CFTC classes as “Commercial” in the Legacy COT report. 

(DCOT Table for May 17, and Legacy COT commercial positioning for data as of the close on Tuesday, May 14.   Source CFTC for COT data, Cash Market for gold and silver.)  (More...)

Suchecki - Why the Price Smash Affected GLD and SLV Stocks Differently

The Perth Mint's Bron Suchecki writes:  A number of bloggers have observed the difference between GLD's gold stocks and SLV silver stocks in response to the April price smash. Sharelynx is reporting the following changes over the past four weeks:

***

GLD down 3,031,042oz (-8.23%), current stocks 33,811,468oz

SLV down 341,111oz (-0.10%), current stocks 335,666,675oz

***

Sharelynx also tracks all the other major ETFs, COMEX, TOCOM, Sprott, BMG, Central Fund, Bullion Vault and GoldMoney reported stocks. The change in the total of all those over the past four weeks is:

***

Gold down 5,576,479oz (-6.12%), current total 85,565,264oz

Silver up 912,541oz (0.11%), current total 855,911,574oz

***

GoldQuest: Drilling Results at Las Tres Palmas, Dominican Republic. Commences First Drilling at Guama Anomaly

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2013) - GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) ("GoldQuest" or the "Company") is pleased to announce assay results from three drill holes from the Romero mineralization, one from La Escandalosa and one in a previously undrilled area between Romero and La Escandalosa. All holes are located within the Company's 100% owned Las Tres Palmas trend in the Dominican Republic. The first hole is underway at the Guama anomaly, 2 kms west of Las Tres Palmas, where surface sampling included results up to 34% copper, overlying a strong chargeability anomaly.

So Much for Position Limits on COMEX Gold

HOUSTON -- We are using this space to put something in the public domain out of convenience more than anything.

Where were the regulators on gold futures position limits April 12 and April 16? 

Flash back to Friday, April 12, when the paper gold futures market was slammed with an enormous sell order in the early going of New York trading, following a “tenderizing” of the market right at the New York open. 

We have read and heard various descriptions of the initial sell order being as little as 124 tonnes and as much as 400 tonnes of gold equivalent – sold by a single source or by a group all at once – with the express intent to break the gold market.  (More...)

U.S. Banks Buy Gold Futures in Dramatic Position Change

HOUSTON – We thought we would share with our readership an important change in the positioning of large U.S. banks in the monthly futures-only Bank Participation Report  (BPR) issued by the Commodity Futures Trading Commission (CFTC).  The most recent report was published Friday, May 10 for positions as of the close on Tuesday, May 7.

Gold bounces higher after 7-session losing streak

Silver rebounds from lowest level since 2010; copper climbs By Myra P. Saefong and Barbara Kollmeyer, MarketWatch SAN FRANCISCO (MarketWatch) — Gold futures bounced higher Monday, finding support after a seven-session losing streak, while silver rebounded from a level not seen since 2010. Gold for June delivery /quotes/zigman/647778 GCM3 +1.42% was last up $17.40, or 1.3%, to $1,382.10 an ounce on the Comex division of the New York Mercantile Exchange after tapping a low under $1,340. The

Brian Booth's Weekly Gold Report May 20, 2013

After wrapping up a week full of economic data in the UnitedStates, we now look forward to a fairly light schedule. At this point, mosttraders realize how insignificant the results of these reports are and theywill likely continue to follow the stock indexes with a “buy the dip and enjoythe trip” mentality. Why wouldn’t they?

USGI Gold Brief

Gold Market Frank Holmes U.S. Global Investors team writes: For the week, spot gold closed at $1,359.55, down $88.65 per ounce, or 6.12 percent. Gold stocks, as measured by the NYSE Arca Gold Miners Index, fell 11.4 percent. The U.S. Trade-Weighted Dollar Index gained 1.27 percent for the week. Strengths click to enlarge The chart above shows the price action of key commodities since 2007 plotted on the back of the Reuters’ Continuous Commodity Index (CCI). In

Silver Surges 6.8% From Lows After Slammed 10% Lower In 4 Minutes

Gold fell $22.20 on Friday to $1,364.90/oz and silver closed at $23.632. Silver fell victim to heavy, concentrated selling overnight in thin, illiquid Asian trading. Silver was slammed by 10% and fell from $22.36/oz to $20.30/oz in just four minutes - from 23:05 GMT to 23:09 GMT.

Bob Woodward – Benghazi No Sideshow

The video below speaks for itself. Bob Woodward, one of the famous duo (Woodward and Bernstein) which brought down the Nixon administration forty years ago with the Watergate scandal, has plenty of standing to say what is or isnt a political sideshow. WOODWARD: “You were talking earlier about kind of dismissing the Benghazi issue as one thats just political and the president recently said its a sideshow. But if you read through all these e-mails, you see

Kaminak and Tr'ondek Hwech'in First Nations Sign Exploration Cooperation Agreement for Coffee Gold Project

Trondek Hwechin VANCOUVER, BRITISH COLUMBIA and DAWSON CITY, YUKON TERRITORIES--(Marketwired - May 17, 2013) - Kaminak Gold Corporation (TSX VENTURE:KAM) and Trondëk Hwëchin are pleased to announce they have entered into an Exploration Cooperation Agreement (ECA) relating to Kaminaks Coffee Gold Project, which is located in the White Gold District, within the Traditional Territory of Trondëk Hwëchin, as recognized in their Final Agreement with the Government of Canada and the Government of the Yukon (July 16, 1998).

Suchecki - Why the Price Smash Affected GLD and SLV Stocks Differently

The Perth Mints Bron Suchecki writes: A number of bloggers have observed the difference between GLDs gold stocks and SLV silver stocks in response to the April price smash. Sharelynx is reporting the following changes over the past four weeks: *** GLD down 3,031,042oz (-8.23%), current stocks 33,811,468oz SLV down 341,111oz (-0.10%), current stocks 335,666,675oz *** Sharelynx also tracks all the other major ETFs, COMEX, TOCOM, Sprott, BMG, Central Fund, Bullion Vault and GoldMoney reported stocks. The

GoldQuest: Drilling Results at Las Tres Palmas, Dominican Republic. Commences First Drilling at Guama Anomaly

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2013) - GoldQuest Mining Corp. (TSX VENTURE:GQC)(FRANKFURT:M1W)(BERLIN:M1W) (GoldQuest or the Company) is pleased to announce assay results from three drill holes from the Romero mineralization, one from La Escandalosa and one in a previously undrilled area between Romero and La Escandalosa. All holes are located within the Companys 100% owned Las Tres Palmas trend in the Dominican Republic. The first hole is underway at the Guama anomaly, 2 kms west of

Why Fund Managers May Be Right About the Fed

JESSE EISINGER, ProPublica wrote this very interesting article that was picked up by Dealbook, The New York Times. Dont miss watching the videos below: Brendan McDermid/Reuters and Manuel Balce Ceneta/Associated PressStanley Druckenmiller, left, said Ben S. Bernanke, chairman of the Federal Reserve, was “running the most inappropriate monetary policy in history.” The economics world has been having a lot of fun with hedge fund managers. After several such managers at a recent conference denounced the aggressive money-printing

McEwen Mining Announces Plans to Expand Production at El Gallo 1 Mine in Mexico

TORONTO, ONTARIO--(Marketwired - May 16, 2013) -McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce that the Company will be expanding the El Gallo 1 Mine in Sinaloa, Mexico. The Company expects this expansion will significantly increase gold production for a small amount of capital.

Huldra Silver Provides an Update on the Current Underground Diamond Drilling Program and Mining Progress at the Treasure Mountain Mine, British Columbia, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2013) - Huldra Silver Inc. (Huldra or the Company) (TSX VENTURE:HDA) is pleased to provide an update of the current underground drilling program and mining progress at the Treasure Mountain Mine, British Columbia, Canada. Preliminary* assay results have been received for the first 5 holes of the underground drill program. Highlights include:

Rickards – Japan Sucking Entire World Down With It

The setup for the video below reads: “Jim Rickards, Senior Managing Director at Tangent Capital, says the Bank of Japan's monetary easing policy is so aggressive they are forcing other central banks to cut rates.” Rickards also says that Japan is “sucking the entire world down with it.” Find out why in the video below. Source: CNBC http://video.cnbc.com/gallery/?video=3000168229

Jon Stewart – IRS Scandal Heats Up (Levity)

Jon Stewart on the IRS scandal. Say what you will about Stewart’s government-loving political leanings and his idiotic stance on gun control (read people control). When he’s right, he’s right. And it does it in such a humorous way it keeps people coming back for more. (Video...)

A Bottom, Finally?

From the April 2013 HRA Dispatch Eric Coffin writes: Just when it looked like things couldn’t get worse they got a lot worse. The gold market endured its worst two day drop in 30 years when massive selling took the price to $1325. There were a lot of reasons given for the panic – and it was a panic – but the chief culprits seemed to be a short recommendation by Goldman Sachs, rumors of potential selling

So Much for Position Limits on COMEX Gold

HOUSTON -- We are using this space to put something in the public domain out of convenience more than anything. Where were the regulators on gold futures position limits April 12 and April 16? Flash back to Friday, April 12, when the paper gold futures market was slammed with an enormous sell order in the early going of New York trading, following a “tenderizing” of the market right at the New York open. We have read and

Join Comstock Metals Ltd. at the World Resource Investment Conference 2013!

May 26 – 27, 2013Vancouver ConventionCentre West1055 Canada Place Vancouver, BC, V6C 0C3, Canada Comstock Metals (CSL: TSX-V) will beexhibiting at Booth # 912. Please stop by our booth to get the latest news andupdates on this seasons exploration program at the QV Project, the White GoldDistricts latest new discovery!

IVANPLATS ANNOUNCES FINANCIAL RESULTS AND REVIEW OF OPERATIONS FOR THE FIRST QUARTER OF 2013

Major increases in resources at two key projects in South Africa and the DRC in Q1 2013 Agreement reached on upgrading of a third hydroelectric power plant in the DRC to support expanded mining scenarios at Ivanplats Kamoa copper discovery *** TORONTO, CANADA - Ivanplats Limited (TSX: IVP) today announced its financial results for the first quarter ended March 31, 2013. All figures are in US dollars unless otherwise stated. HIGHLIGHTS In January 2013, a new independent

Prosperity Goldfields Virtual Meeting Wednesday May 14

Ask the CEO: Get the latest from Prosperity live from Adrian Fleming Wednesday, May 14th - 1:00 pm PST | 4:00 pm EST1 Join Prosperity Goldfields CEO Adrian Fleming for a virtual meeting to review the results from the 2013 Winter Drill Program at the companys Kiyuk Lake Project in Nunavut. This is your opportunity to get the latest on Prosperity and have your questions answered live by Adrian. Cant make the virtual meeting? Sign up anyways

Rick Rule: This Is Fun

Jeff Clark, Senior Precious Metals Analyst interviews Rick Rule, founder and chairman of Sprott Global Resource Investments Ltd.to get his take on the recent crash in gold. In the process, he found out why Rick thinks the capitulation process may not be over, what catalysts he believes could turn the industry around, and why hes thrilled about this market.

Drilling Expands New Central Zone at El Gallo 1 Mine

TORONTO, ONTARIO--(Marketwired - May 14, 2013) -McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) announces that follow-up core holes at the new Central Zone have expanded the gold mineralization in several directions. Central is located inside the Companys El Gallo 1 mine in Sinaloa, Mexico (Fig. 1). It is situated between two known resources, where mining began on April 1st (Fig. 2). Based on the results in this news release plus prior holes, there appears to be good potential to mine

Harte Gold Announces Drill Results

TORONTO, ONTARIO--(Marketwired - May 14, 2013) - HARTE GOLD CORP. (Harte Gold) (TSX:HRT)(FRANKFURT:H40) is pleased to announce assay results from its recently completed 1,500 metre seven (7) diamond drill hole program in the bulk sample area of the Sugar Zone Deposit located in White River, Ontario. The drill program was designed to increase the confidence and confirm grade in the bulk sample area.

Gold Bears Pull $20.8 Billion as BlackRock Says Buy: Commodities

Elizabeth Campbell, Bloomberg, writes: Hedge funds increased bets on lower gold prices after investors pulled a record $20.8 billion from bullion funds this year while BlackRock Inc. (BLK), the world’s biggest money manager, said it’s still bullish.

Barrick Announces Agreement in Principle on Amendments to Pueblo Viejo Special Lease Agreement

TORONTO, May 8, 2013 — Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick) today reported that Pueblo Viejo Dominicana Corporation (PVDC) has reached an agreement in principle with the Government of the Dominican Republic (the Government) concerning amendments to the Pueblo Viejo Special Lease Agreement (SLA). The Pueblo Viejo mine is operated by PVDC, which is jointly owned by Barrick (60 percent) and Goldcorp (40 percent).

True Gold announces adoption of advance notice policy

VANCOUVER, B.C. – True Gold Mining Inc. (TSX-V; TGM) (True Gold or the Company) announces the approval and adoption by its Board of Directors of an advance notice policy (the Policy). The purpose of the Policy is to provide shareholders, directors and management of the Company with a clear framework for nominating directors of the Company.

Fortuna discovers new high grade vein at Caylloma mine; Drilling intercepts 1.7 meters of 105 g/t Ag and 21 g/t Au

Vancouver, May 13, 2013-- Fortuna Silver Mines Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F) is pleased to report that exploration drilling has intercepted high-grade silver-gold mineralization in the Ramal Piso Carolina and Don Luis veins, both located in the northern portion of the Caylloma District.

Brian Booth's Weekly Gold Report May 13, 2013

Outside of a late week Currencies surge, there were very fewfireworks to report in last week’s business. This week however, may be adifferent story. Thursday and Friday of last week provided some decentmovement in the Dollar and Euro, but it appeared things began in the JapaneseYen, then spilled over. Throughout the last several weeks, there have beenmultiple attempts to push the Yen to new lows for the year, but it alwaysseemed that somehow the plan was foiled.

Stoeferle – Deflation vs Inflation and Gold

For GoldMoney Alisdair Macleod interviews our good friend Ronni Stoeferle, author of the annual report “In Gold We Trust,” published by Erste Bank. The setup for the video reads, in part: “Ronnie notes that there is currently deflationary pressure within the market, but suggests this will be opposed and fought vigorously by central banks. This will bring about the end of the current downward price moves in precious metals and herald the next leg higher. (More, audio

Three Reasons to Buy Gold Equities Today

Frank Holmes, CEO and Chief Investment Officer,U.S. Global Investors writes: A strong stomach and a tremendous amount of patience are required for gold stock investors these days, as miners have been exhibiting their typical volatility pattern. That’s why I often say to anticipate before you participate, because gold stocks are historically twice as volatile as U.S. stocks. As of March 31, 2013, using 10-year data, the NYSE Arca Gold BUGS Index (HUI) had a rolling one-year standard

Prosperity Goldfields Drills 24 m of 2.5 g/t Gold in Final Winter Drilling Results, Kiyuk Lake, Nunavut

VANCOUVER, BRITISH COLUMBIA– May 9, 2013 - Prosperity Goldfields Corp. (the “Company” or “Prosperity”) (TSX VENTURE:PPG) announces final assay results for its 20 hole, 4,427 m winter drill program on its 100% owned Kiyuk Lake, Nunavut gold project (the “Property”). Final assay results from the Rusty discovery include 24 m at 2.52 g/t Au from 184 m, 24 m at 1.47 g/t Au from 10 m and 28 m of 1.05 g/t Au from 38 m in

Bear rampage?

We are traveling, and trying out for the first time the voice operated posting feature. This is as much a shakedown cruise as it is anything else, for this posting. But we thought we would comment on the rash of bearish comments, articles, and rumors for gold which seem to have come out of the woodwork today. At the same time that the Yen finally broke through par and the dollar spiked much higher. We may be